Zengo Review: Simple And Secure Crypto Wallet

Entering the world of cryptocurrency can be an exciting leap. However, most of us run into some questions surrounding the buying, spending, and holding of our newfound assets.

Unfortunately, it can be difficult to find platforms that provide easy access to your crypto assets while maintaining a secure environment. But Zengo promises to provide a way to access your cryptocurrency easily without giving up the security features of more traditional crypto wallets.

Let’s take a closer look at this new option on the market. 

What Is Zengo?

Zengo was founded in 2018 by Omer Shlomovits, Ourial Ohayon, and Tal Be’ery. The goal of the co-founders was to create a platform that offered users better access to the crypto economy.

Instead of creating another complex wallet system, Zengo is designed to create a one-stop-shop for all of your crypto needs. That lead to the creation of the world’s first keyless wallet. It uses Multi-Party Computation, MPC, instead of a seed phrase to secure the account. This means that accounts are recoverable even if you forget your private key. 

What Does It Offer?

ZenGo offers a wide range of impressive features that will be helpful to crypto users everywhere. Here are the features that stand out. 

Keyless Crypto Access

If you're familiar with cryptocurrency, you’ll know that keeping up with passwords, private keys, and seed phrases can be chaotic. Many choose to deal with the headache of keeping up with so many details through a custodial wallet, while others choose stay in full control with a non-custodial wallet. See our favorite crypto wallets.

Zengo has created a keyless crypto wallet to help you avoid choosing between these two imperfect solutions. Instead, you can stay in control of your own funds without the need to keep up with a smattering of passwords.

The use of facial biometrics also helps you to restore your wallet quickly on new devices. If you're worried about security, Zengo’s guaranteed access should help to put you at ease. There are systems in place to connect you with your crypto, even if Zengo were to close its doors.

Send And Receive Crypto

Through Zengo, you can send and receive crypto without any restrictions. You won’t have to worry about minimums, maximums, or extra fees.

To send crypto from your Zengo wallet, finds the "My Assets" screen and simply tap or swipe an asset (e.g. Dogecoin). Then tap the “Send” button and enter your payee's address. You can send your crypto to another individual's wallet, an exchange, or any other address.

To receive funds, you'll also start by tapping just tap or swiping on an asset. This time you'll click "Receive" and then share your QR code or send your public address to the sender from whom you are requesting the funds.

Buy, Sell, And Trade Crypto

You can also purchase crypto using Zengo. In the app simply tap "Buy" from the main menu and select your asset and provider, then follow the prompts to continue. You can complete your purchase with out leaving the Zengo app. 

Selling crypto isn't much harder. You'll select "Sell" from the main menu and choose to swap your crypto to stablecoin if you want to convert to USD. If you are outside the U.S. you can choose "crypto to local currency" to cash out.  

Zengo supports over 120 cryptoassets including:

• Bitcoin (BTC)
• Ether (ETH)
• Tether (USDT)
• USD coin (USDC)
• Polygon (MATIC)
• Dogecoin (DOGE)
• Shiba Inu (SHIB)
• Dai (DAI)

Easily Track Your Investments

You can monitor your investments in real-time without a clunky portfolio tracker. Instead, just open your Zengo app to see where you stand.

If you spend a lot of time checking the markets and comparing what you have, this feature will be especially useful. 

Are There Any Fees?

Zengo doesn't have any fees in terms of sending and receiving. However, you will have to pay to buy and sell crypto on the platform.

You’ll pay 5.99% to buy crypto with a credit card and 1.99% to buy crypto with a bank transfer. Plus, you’ll pay a 1.99% fee to sell crypto through Zengo in addition to a spread.

Zengo Pro

While you can use Zengo for free, there is also a premium version for $19.99 a month, or $199.99 a year if paid annually. 

With the Pro version you get several features. 

Biometric withdrawal protection: You will need to pass the 3d FaceLock verification to make withdrawals from  your account. This is an added layer of protection to your account and prevents unauthorized withdrawals if your phone is ever compromised. 

Legacy transfer: Legacy transfer allows you to name what they call a "Legacy Recipient" on your Zengo account. This is another person, whom you will name, that will automatically receive the assets in your Zengo account if your account is inactive for a set period of time, up to two years. The Legacy Recipient will need their own free Zengo account.

Priority support: Pro users will receive support in five minutes or less.

How Do I Contact Zengo?

While you won't find a customer service phone number with Zengo, you can reach out via the chat box at any time. Their customer service team is available 24/7.

There are a few other ways to get in touch with Zengo. You can send an email to help@zengo.com, send a message through their contact form, or reach out over social media on Twitter @Zengo or Medium @Zengo.

Overall, Zengo users seem happy with their experience. On the Google Play store, Zengo has earned 4.5 out of 5 stars with over 7,000 reviewers. 

How Does Zengo Compare?

Zengo offers a unique crypto wallet experience. As the first keyless option, it truly offers both convenience and security. But if it doesn't support a currency that you need it to, you'll need to look elsewhere. You'll also need to go with a different provider if you're wanting to sell assets inside your crypto wallet. Check out this quick comparison:

How Do I Open An Account?

Zengo is currently only available on mobile. But you can visit its website to find links to its mobile apps or to have a link texted to you.

Once downloaded, you’ll need to verify your email address before moving forward. If you don’t get yours within a few seconds, check your spam folder. My confirmation email went straight to spam.

After you verify your email address, you can import or buy crypto. Plus, you have the option to simply explore the app. When you're ready, you can buy or import crypto at your own pace. From start to finish, it took me less than a minute to open my Zengo account. 

It will also take a face scan when you set up the Recovery Kit. This is used if you ever need to recover your account and for the withdrawal protection if you have the pro version.

Is It Safe And Secure?

Zengo has over 900,000 customers and has never had a security incident. They use MPC cryptography and 3-factor authentication when wallet recovery is needed. There has never been a Zengo wallet hacked. 

Unlike many exchanges, Zengo will not have any direct access to your funds. Instead, only you have the power to initiate a transaction in which the server and device communicate with each other to match up a mathematical code without revealing their individual piece of the puzzle.

Additionally, you’ll have access to Zengo’s Chill Storage which allows you to regain your funds even if Zengo closes its doors forever. Overall, the level of security and access provided by Zengo is very impressive. 

Is It Worth It?

Whether you're interested in dabbling in cryptocurrency or using cryptocurrency on a regular basis, Zengo offers a worthwhile opportunity. You'll have an unprecedented combination of access and security that's only offered through Zengo.

But if you don’t think that Zengo is the right fit for you, consider taking a look at some of our other favorite crypto wallets.

Zengo Features